Pacer Advisors Inc. bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 17,024 shares of the industrial products company’s stock, valued at approximately $498,000.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Mueller Industries by 4.3% during the second quarter. Bank of New York Mellon Corp now owns 915,456 shares of the industrial products company’s stock worth $26,796,000 after purchasing an additional 38,124 shares during the period. Bank of Montreal Can increased its holdings in shares of Mueller Industries by 162.3% during the second quarter. Bank of Montreal Can now owns 63,523 shares of the industrial products company’s stock worth $1,860,000 after purchasing an additional 39,305 shares during the period. BBT Capital Management LLC increased its holdings in shares of Mueller Industries by 123.3% during the second quarter. BBT Capital Management LLC now owns 18,451 shares of the industrial products company’s stock worth $540,000 after purchasing an additional 10,188 shares during the period. Premier Asset Management LLC bought a new position in shares of Mueller Industries during the second quarter worth approximately $220,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Mueller Industries by 60.5% during the second quarter. JPMorgan Chase & Co. now owns 137,150 shares of the industrial products company’s stock worth $3,950,000 after purchasing an additional 51,681 shares during the period. 91.71% of the stock is currently owned by institutional investors.
In related news, Chairman Gregory L. Christopher sold 3,009 shares of Mueller Industries stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $31.00, for a total value of $93,279.00. Following the transaction, the chairman now directly owns 526,069 shares of the company’s stock, valued at $16,308,139. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gennaro J. Fulvio sold 10,383 shares of Mueller Industries stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $26.62, for a total transaction of $276,395.46. Following the completion of the transaction, the director now directly owns 2,000 shares in the company, valued at $53,240. The disclosure for this sale can be found here. Insiders sold 26,196 shares of company stock worth $760,755 over the last three months. 3.30% of the stock is currently owned by insiders.
Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.07. The business had revenue of $666.93 million for the quarter. Mueller Industries had a net margin of 3.66% and a return on equity of 19.00%. The business’s revenue was up .6% compared to the same quarter last year. During the same period last year, the business earned $0.58 earnings per share. Equities analysts expect that Mueller Industries, Inc. will post 1.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.40 dividend on an annualized basis and a yield of 1.35%. Mueller Industries’s dividend payout ratio (DPR) is 21.51%.
MLI has been the topic of several recent research reports. TheStreet cut shares of Mueller Industries from a “b-” rating to a “c+” rating in a report on Wednesday, September 4th. ValuEngine cut shares of Mueller Industries from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research raised shares of Mueller Industries from a “hold” rating to a “strong-buy” rating and set a $35.00 price objective on the stock in a research note on Saturday, July 27th.
About Mueller Industries
Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.
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